In an industry response to deal with title defects, Nationwide Title Clearing (NTC), Inc. has announced the release of their new website which features residential property records that are easily accessible and accurate. Nationwide Title Clearing is the United State leading provider of property records that are needed by the mortgage and real estate industries in order to facilitate the buying and selling of properties.
Title defects are a serious concern in these industries. They usually occur when someone lays claim to a property that is actually owned by someone else. Title defects can hold up the closing of a home until the issue is resolved. Other times that property defects occur is when the document wording does not fit industry standards, it’s missing required signatures, older resolved liens have not been removed, and failure to correctly record or file the real estate documents.
Because title defects cause such a problem when closing a home, it’s important that they’re accurate. The Chief Executive Officer of NTC said that it’s vital to make sure titles are accurate before the property is sold or transferred. He elaborated that his company obtains the data they use from several sources, with the most important being county records. The records are then reviewed through automation that is backed up by human verification. Furthermore, the new online website is able to determine exactly what documents the user needs even when they fill in the online forms incorrectly, which saves money from unnecessary reports being inadvertently ordered.
NTC was founded in 1991 in Palm Harbor, Florida. The company is privately held recently opened another office in Dallas, Texas. This location has a data center that backs up the data stored in Palm Harbor. NTC went to this expense in order to ensure that a major disaster doesn’t wipe out the data they have on every residential property in the United States. They can have the data in both locations as well as staff in both locations so that a major disruption can be smoothly dealt with.
NTC offers its employees constant training opportunities. They now offer some of their robust training in a two-day training program that they offer to companies in the lending, investing, and mortgage industries. The program is overseen by Dave LaRose who is the company’s Vice President of Technical Excellence.